With only four available multi-family residential income properties in the cities of Hermosa Beach and Manhattan Beach this duplex is sure to move fast. Beth Morrissey at Coldwell Banker Manhattan Beach is the listing agent and can be reached at 310.977.2475 or by email at firstname.lastname@example.org
The duplex is located at 925 Manhattan Avenue Hermosa Beach CA 90254. The property is located on a full street to alley lot which is sure to spark the interest of local developers. The value of the land is incorporated into the list price which shows on the CRMLS as $1,685,000. The 3 bedroom 2.5 bathroom larger unit is listed as being leased for $4,000 per month and the attached 1 bedroom 1 bathroom unit is being listed as being leased at $1,969 per month. This puts the list price right around 23 times gross. With an awesome location in the heart of Hermosa Beach, dozens of hungry local developers circling and so very little inventory of duplexes, triplexes or fourplexes in Hermosa Beach or Manhattan Beach, this duplex will most certainly move fast.
In our next blog post we will discuss two areas in Redondo Beach which look to benefit richly from the lack of multifamily investment properties available in Hermosa and Manhattan. Stay tuned!